LILA

Morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll now turn the call over to Mauricio Romero, VP of AI and Analytics, Liberty Latin America.

Good morning, and welcome to Liberty Latin America's first quarter 2026 investor call. Today's formal presentation materials can be found under the investor relations section of Liberty Latin America's website at www.lla.com. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other informational statements that are not historical facts. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release.

Liberty Latin America disclaim any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based. In addition, on this call, we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the investor section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Thank you, Mauricio, welcome everyone to Liberty Latin America's first quarter 2026 results presentation. I will be running through our group highlights and an overview of our operating results before Chris Noyes, our CFO, reviews the company's financial performance. We'll get straight to your questions. As always, I'm joined by my executive team from across our operations, and I'll invite them to contribute as needed during the Q&A following our prepared remarks. As a point of housekeeping, we will both be working from slides which you can find on our website at www.lla.com. Starting on slide four and our highlights. Our business started 2026 with a very solid performance. We added 50,000 mobile postpaid subscribers, with all segments across the group contributing. Growth continues to be supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration.

We reported $405 million of Adjusted OIBDA in Q1 2026. This result came in ahead of our own expectations, with Jamaica and Liberty Caribbean contributing significantly to this beat. While year-over-year momentum in Adjusted OIBDA doesn't appear as strong as prior quarters, this reflected the combination of, one, a full quarter of impact from Hurricane Melissa, and two, phasing on B2B, including the timing of projects, revenues, and costs at Liberty Networks. We anticipate diminishing year-over-year headwinds and revenue growth throughout the remainder of the year. In addition, we reported Q1 adjusted free cash flow before distributions to non-controlling interests, which was approximately $40 million higher than Q1 last year. This was a great result given the hurricane impact. In Jamaica, our business is recovering more quickly than we had anticipated.

The drivers include the speed of homes being reconnected to the residential fixed business and ongoing strength in mobile, building from our performance through the hurricane, where our direct-to-cell connectivity helped grow affinity with customers on the island. Turning to our capital structure, we have significant new developments to highlight. Today, we are announcing the intention to distribute $500 million notional amount of preferred equity in the form of a dividend, providing a rate of 9%. This will effectively divide our equity into an instrument with an attractive return and a more geared common equity. This move reflects our increasing confidence in LLA's future adjusted free cash flow profile, as well as our desire to return cash to shareholders. On that latter point, we have also been active in the market, repurchasing shares this quarter for the first time since the first half of 2024.

We will continue to be opportunistic with regards to future share repurchase, noting we have approximately $185 million of authorization remaining on our buyback program. I'd like to mention the joint press release published yesterday by GCI Liberty and ourselves. GCI has announced it has acquired Searchlight's approximate 6% stake in LLA at an April 1 closing market price of $8.63 per share. We would like to thank Eric Zinterhofer and his team for their support over the years and welcome GCI as shareholders. For those unfamiliar with GCI, this is the Alaskan communications business, formerly part of Liberty Broadband, which was spun out last year. Our Director Emeritus, John Malone, has over 50% of the voting shares of GCI and hard control.

This means that alongside his 7% direct and indirect equity in LLA, GCI Liberty, which John controls, owns another 6% of our stock, representing significant support for our company. We appreciate John's increased commitment to LLA and look forward to continuing our relationship over the coming years. Turning now to our operations. On slide 5, we review our Liberty Caribbean segment, which reflects this quarter a full impact of Hurricane Melissa in Jamaica, which represented an underlying negative impact of $12 million at the revenue level in Q1. On the left of the slide, we show how despite the hurricane, Liberty Caribbean's postpaid performance has continued unabated during this difficult period, adding another 15,000 postpaid subscribers, of which 11,000 was delivered in Jamaica in the first quarter, and with a healthy contribution from our smaller South Caribbean markets.

Early in 2025, we stepped up the investment in our network in Jamaica, including bolstering our spectrum position. In the aftermath of the hurricane, we have reinforced customer trust helped by our direct-to-cell support and were ultimately recognized by Ookla as the fastest mobile network on the island in the second half of 2025. We are pleased with this result and will continue to build on this platform through 2026. Mobile still remains a largely prepaid market in Jamaica, as expected, we saw a seasonal drop in prepaid subs this quarter versus a stronger Q4 period, took an opportunity to increase price and registered strong prepaid revenue growth year-over-year. Our fixed business, both residential and B2B, felt the brunt of the hurricane, we are pleased to retain the positive residential fixed broadband subscriber adds this quarter.

Moving to the middle of the slide. At the top, we are showing Jamaica's revenue evolution over the last few quarters. Our mobile business performed well post-hurricane. On the other hand, while the restoration of the fixed network is taking some time, we see a quicker recovery than we had previously anticipated. At the bottom, we present the evolution of revenue-generating customers. Through Q4, driven by Hurricane Melissa, we've witnessed a drop in revenue generating residential customers of over 110,000, or approximately 1/3 of the customer base. In the first quarter, we have added back 30,000 such customers. Looking forward, we are now more optimistic on the pace of further reconnections.

At year-end, we had taken out 60,000 customers and 133,000 homes passed from our fixed count, suggesting at that time that reconnection of these customers was unlikely in the near term. As power has come back to the island and following our updated network mapping, we are now increasingly optimistic in being able to reconnect a healthy number of these customers in 2026. In terms of outlook for Jamaica, we suggested at our full year 2025 results an ambition to return to run rate Jamaican Adjusted OIBDA by year-end and for a negative FCF impact in 2026 of up to $100 million. We are now increasingly confident that we will land on the right side of these aspirations, especially on free cash flow.

On slide 6, we review Cable & Wireless Panama, where after a strong performance in Q4, Q1 tends to be a seasonally quieted quarter for the B2B. This gives me an opportunity to talk about some of the great initiatives underway in the residential business. On mobile, we continue to see postpaid as a strong driver, reporting a 10% year-over-year subscriber growth. This performance is built on customer value management focus using data analytics to drive upsell and cross-sell opportunities. FMC continues to steadily increase, now running at over 40%. Postpaid churn is running at historically low levels. On the prepaid side, our momentum is also good, although we felt the pinch in Q1 as the regulator pushed back on certain price increases. Notwithstanding this, we are seeing strong adoption of a loyalty program and solid growth in our value-added service offerings, including cash advances, trivia, and gaming.

On the fixed side, we have continued to grow fixed broadband subscribers as well as total RGUs, which grew 7% year-over-year in Q1. We are aiming to keep the momentum rolling through 2026, looking to use the FIFA World Cup and the Panamanian national team's qualification and presence as a catalyst. Early offers include campaigns with 65-inch Samsung TVs provided on a non-subsidized finance basis. Over the coming weeks and months, we have a number of other product launches in the hopper which will showcase the quality of our network. On B2B, we see a healthy pipeline and remind investors we tend to see revenues weigh towards the back end of the year. Turning to slide seven, to Liberty Networks.

As we show on the left, we see continued healthy underlying demand for sub-sea capacity in our wholesale business, driving rebased revenue growth of 9% year-over-year in Q1, with demand from international and regional carriers and hyperscalers expected to continue at a healthy clip over the coming months and years. We are running two key projects today, Manta, which is in build phase through 2027, and where we see elevated CapEx and working capital through to go live, from which time CapEx will drop to a very low run rate levels and will start to book revenue. With high margins or EBITDA and free cash flow. El Salvador is our second significant project within this segment, where we are ticking off milestones which determine revenue and cost.

Both of these items are lumpy, with revenue contributing positively in Q4 2025, while there was a significant cost allocation this quarter, which negatively impacted our Q1 reported year-over-year Adjusted OIBDA performance. On an underlying basis, excluding El Salvador, we saw an improvement in year-over-year revenue and Adjusted OIBDA momentum at Liberty Networks in Q1 versus Q4. Turning to slide eight and Liberty Costa Rica, which operates in our most competitive fixed market, with five national players and additional regional players further compounding the pressure. In this context, we are pleased to be maintaining a broadly stable fixed residential subscriber base, though there is inevitable pressure on fixed ARPU given the downward pressures on front book pricing over the last 12 months.

Notwithstanding this ARPU weakness, total residential fixed revenue declines this quarter primarily reflected a lower share of CPE being sold under our buy to own model and instead being rented. We continue to generate solid volumes on postpaid, which helped drive 2% residential mobile revenue growth in Q1 year-over-year. We are, however, seeing signs of more elevated competition in the early stages of this year. In this climate, we need to continue to differentiate and innovate. On the former, we aim to focus ever more so on FMC, given the majority of fixed providers we compete against can't provide such a service. On innovation, we are delighted to announce that Liberty Costa Rica and Starlink have signed an agreement to offer for the first time in Costa Rica a direct-to-cell service.

This will be branded Liberty-Starlink, and we are working on launching this in the second half of 2026. It will allow both consumers and corporate clients to connect to data that delivers voice, video, and messaging through apps as well as text messaging from places where mobile coverage does not currently exist, such as rural, mountainous or maritime areas and even national parks. We aim to leverage this product to cement a strong position in the Costa Rican mobile market. Finally, we are highly focused on cost reduction initiatives in Costa Rica in 2026. Turning to slide nine and Liberty Puerto Rico. On the mobile side, we have made strong progress, registering positive postpaid additions for the second consecutive quarter, supported by recent CVPs such as Liberty SIMple, a subsidy-free postpaid SIM offer.

We would highlight that Q1 is traditionally a seasonally quiet quarter, and without the contribution which our postpaid base received in the commercially more active Q4 from the Boost migration. In the center of the slide at the top, we show how our mobile NPS has improved since the migration and how it has been back into positive territory over the last 12 months. If NPS is a positive forward-looking indicator, the chart below shows how far we have already come. This shows the port in port out ratio for postpaid mobile, with the latest data suggesting we have finally retained a greater than 1 in April. This means we are currently growing postpaid market share in Puerto Rico. While there remains a lot to focus on mobile, our attention has also pivoted to residential fixed, where we are seeing a significant and positive shift in momentum in 2026.

Towards the end of 2025, we really re-engage on fixed, launching a number of initiatives which played on the network strength of Liberty Puerto Rico, which resonated well with our fixed customers. We also made significant improvements in channel productivity and in our door to door commercial activity. Since then, we have seen a significant improvement in our NPS scores on fixed, combined with a return to lower churn, close to pre-mobile migration levels. Month-over-month through year to date 2026, we have been seeing net fixed broadband subscriber losses diminish, and in the last couple of weeks have seen these net losses disappear almost entirely. We need to keep razor focus on our commercial offer and be mindful of competition in the market, but appear to be on a firmer footing here as we look out to the rest of 2026.

Across Puerto Rico, while we are very pleased with the recent improvement in operational trends in the business, we continue to have liquidity requirements in the business. As we have made clear for some time, this liquidity needs will continue to be met by Liberty Puerto Rico through its assets. With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions. Chris?

Thanks, Balan. I will recap our first quarter results, which were ahead of our own internal targets. Consistent with last year, we delivered revenue of $1.1 billion, reflecting a 1% rebased decline. Our relatively flat performance was due to several specific factors, including a full quarter impact of Hurricane Melissa on our Liberty Caribbean business, a change in our Costa Rican fixed residential business model for equipment, and phasing of B2B projects, principally in CWP. A highlight of the quarter was performance in Liberty Networks, which led LLA. In terms of Adjusted OIBDA, we posted $405 million in Q1, which like revenue, reflects a rebased decline of 1%. The top line headwinds, as noted, were the principal drivers of this performance, including the impact from Hurricane Melissa.

We recognized costs in Liberty Networks for the El Salvador subsea build of $7 million, which did not have corresponding revenue in the quarter. Liberty Puerto Rico, meanwhile, posted strong Adjusted OIBDA growth of over 10% year-over-year. Turning to slide 12 for the C&W credit silo results. Starting on the left, LCE reported $355 million in revenue and $163 million in Adjusted OIBDA. As anticipated during our FY 2025 call, both metrics declined year-over-year, primarily as a result of the $12 million gross negative effect in revenue from the hurricane, with an impact of over $8 million in fixed customer revenue and around $4 million in B2B fixed revenue.

This was partially offset by the recovery of B2B revenue in Q1 2026 for services provided to certain customers in Q4 2025 that were initially believed to be uncertain of collection. For Jamaica, a solid mobile performance continues to support the business, while an increase in the anticipated pace of reconnections should bring us closer to pre-hurricane levels on fixed before year end. Moving to CWP. In Q1, both CWP revenue and Adjusted OIBDA decreased 1% year-over-year on a rebased basis, reporting $176 million of revenue and $64 million of Adjusted OIBDA. Positive top-line performance in both fixed and mobile, sustained by subscriber additions, was more than offset by B2B, mainly impacted by pricing negotiations of some government-related contracts in what is a seasonally much slower quarter. Operating costs are modestly higher year-over-year and sequentially.

However, management has plans in place to help control rising costs. Turning to Liberty Networks. LN generated $121 million in revenue, resulting in rebased growth of 7%, while Adjusted OIBDA declined by 5% year-over-year on a rebased basis to $55 million. Q1 revenue was fueled by the sustained expansion of our wholesale business through strong capacity sales, while Adjusted OIBDA was impacted by timing of direct costs related to our El Salvador project. Aggregating all three operating segments within the C&W credit silo for Q1, we reported $631 million in revenue, resulting in flat year-over-year rebased growth and $282 million in Adjusted OIBDA or a 5% year-over-year rebased decrease, mainly driven by the hurricane impact and the aforementioned El Salvador project.

Rounding out our other two credit silos, Liberty Costa Rica and Liberty Puerto Rico. On the left, we highlight LCR. We delivered Q1 revenue of $158 million and adjusted OIBDA of $57 million, representing year-over-year rebased declines of 4% and 8% respectively. Residential mobile growth was more than offset by lower residential fixed and B2B revenue. The decline in residential fixed revenue was driven in part by ARPU pressure impacting subscription revenue and lower sales of equipment sold under our buy to own model, which affects non-subscription revenue. To support financial performance, we have also embarked on a comprehensive cost out program, which is in its early days, but should be hitting its stride as we get into H2.

Concluding with Puerto Rico on the right, LPR posted Q1 revenue of $296 million, which reflects a 1% decline. Revenue is continuing to stabilize as mobile and B2B recovery is underway, while the residential fixed business has been hampered by modest increase in churn over the past year. Turning to Adjusted OIBDA, we grew 12% to $91 million. The strong performance is largely a result of the continued efforts to improve LPR's cost base over the year, which includes lower labor and bad debt costs. Turning to LLA's Adjusted OIBDA less P&E additions and adjusted FCF on slide 14. Building upon our Adjusted OIBDA performance, we invested $111 million or 10% of revenue in P&E additions in the quarter, which represents an 8% reduction compared to last year.

Typically, Q1 tends to be a seasonally low quarter for us, thus we expect our spend to pick up over the rest of the year. Importantly, roughly $12 million of our spend in Q1 was associated with the Jamaican recovery. As Balan noted, we are hyper-focused on bringing back even more fixed residential connectivity to our footprint. The chart on the left depicts an important metric for us, which is Adjusted OIBDA less P&E additions. For Q1, we delivered $294 million, reflecting an improvement of 3% year-over-year and a margin of 27% of revenue. The absolute figure was adversely impacted by Hurricane Melissa for about $20 million on a net basis.

Moving to the right side of the slide, we significantly improved our adjusted free cash flow before partner distributions, delivering negative $64 million in the quarter, which is $40 million better year-over-year. This result was driven by a combination of stronger cash flow from operating activities and the lower capital spend just noted. As seen in prior years, Q1 working capital is always constrained, reflecting a partial unwind from the seasonally strong Q4. As a reminder, our adjusted FCF will be highly weighted to later in the year. On an LTM basis through March 31, our adjusted FCF before partner distributions increased to $190 million from $150 million for fiscal 2025. Next to slide 15 and a quick review of our capital structure.

On a consolidated basis, LLA had total debt of $8.4 billion and $1.5 billion of liquidity, consisting of just under $700 million in cash and almost $800 million in availability under our committed credit lines. Q1 2026 consolidated net leverage was 4.5x, and if we exclude LPR leverage, LLA leverage would decline into the mid-3s. The middle of the slide summarizes our two credit silos of C&W and LCR. We have total debt of $5 billion and covenant leverage of 3.7x at C&W, and total debt of $510 million and covenant leverage of 2x at LCR. Over 75% of borrowings are due in 2031 and beyond.

During the quarter, we reduced our outstanding LCR bonds by 10% as we exercised the 103 call that we had. On the right is our Liberty Puerto Rico credit silo, which has $3 billion of total debt and reported borrowing group net leverage of 8 times, while covenant leverage of restricted subsidiaries was 14x. During the quarter, as noted on the year-end call, LPR borrowed the remaining $50 million available under its unrestricted subsidiary facility, bringing its total unrestricted subsidiary borrowing proceeds to $250 million. This borrowing strengthened LPR's liquidity position. The business continues to benefit from substantial flexibility in its credit documents, we expect LPR to continue to utilize its assets to raise third-party capital to the extent that it is needed.

In terms of the liability management exercise that has been ongoing since the summer, LPR is continuing to evaluate its options to maximize value, and this may or may not include direct engagement with its lenders and bondholders. We will provide further updates with respect to this process when we determine it is appropriate. Turning to slide 16 and building upon Balan's highlights at the start of the presentation and our increasing confidence in our underlying businesses, including our cash flow potential. We announced today the intent to dividend 9% cash paid preferred stock with a notional amount of $500 million to our equity shareholders. We are working to be able to complete this distribution before the end of Q2. This structure accomplishes several objectives, providing our shareholders with an attractive cash pay security and a regearing of our equity.

LLA is obviously leaning into the levered equity model. This is backed by our conviction on future FCF generation. Over time, we believe the combination of the preferred stock and a skinnier common equity will positively impact overall value to our shareholders. Moving to slide 17 and our closing remarks. First, on the surface, our revenue and Adjusted OIBDA were flattish, but relative to our plan, we overperformed, helped in part by a better than expected recovery in Jamaica. Importantly, our adjusted FCF was substantially better to start the year. We are setting the stage for what we expect to be a robust finish to 2026 in the fourth quarter. Second, a significant focus remains on Jamaica, and we are encouraged by the efforts of our management team.

Still lots of work to do, particularly around the fixed network, but we believe our business and brand will come out of this unfortunate event even stronger. Third, we are excited about the preferred distribution that we discussed on the prior slide as we provide our shareholders with a consistent capital return. As we think about our equity, it was great that we could be back in the market repurchasing in Q1. As of quarter end, we had $184 million remaining under our board authorization, and LLA will be opportunistic in the forthcoming quarters. Finally, I hope that you all saw our joint press release with GCI Liberty yesterday. GCI Liberty, which is majority controlled by John Malone, announced that it purchased 12 million shares in LLA for $107 million from Searchlight Capital.

GCI Liberty now owns about 6% of LLA's equity. Separately, John Malone owns roughly 7% of LLA's equity. From our perspective, this incremental investment in LLA demonstrates substantial confidence in our business, our growth prospects, and our cash flow generation potential. With that, operator, we'll open it up for questions.

Thank you. The question and answer session will be conducted electronically. If you would like to ask a question regarding the company's operations, please do so by pressing star 1 to ask a question. In order to accommodate everyone, we request that you only ask one question with one follow-up. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We will pause for just a moment to give everyone an opportunity to signal for questions. Your first question comes from Matthew Harrigan with The Benchmark Company. Your line is open.

Thank you. Congratulations on the results and the dividend. The usual from yourselves and presumably some John Malone input. I was curious. We had a couple companies, Xfinity in the U.S. and VodafoneZiggo, JV, you know, really five issues on the front book, back book issue and really have to, you know, rectify their pricing. You called that out on Costa Rica. Is that a phenomenon in some of your other markets as well? How can you provide, you know, further value?

I mean, you know, the UPRA ratings and everything are quite positive, you know, to make sure that people are getting, you know, better price value rather than have to adjust your pricing on kind of a step function in a manner which can be pretty disruptive. Thank you.

Thank you, Matthew. You know, one thing that's really good about LLA is that we actually have been very disciplined in managing our front book pricing. The one place where we actually had lots of price increases and a very high front book was in Chile a while back. We learned a lot from that experience as well. I think between 2019 and 2024, we did not take any price increases anywhere. As a result, our front book is very competitive. Costa Rica is slightly, it's just an aberration. As a matter of fact, even in Costa Rica, our front book is extremely competitive. We are not the highest price in Costa Rica. The company that's really being impacted by the price challenges there is the incumbent.

What we've been trying to do there is mostly on our retention desk. Certainly if you look at our back book in Costa Rica, the back book is very solid. We feel pretty good about where our pricing is. We'll be very competitive. One of the things we've learned as well, hanging on to market share is extremely important. Therefore, you see we'll play the ARPU game to hang on to market share. In Costa Rica specifically, we actually grew fixed broadband. We actually grew our business ever so slightly, but nevertheless, in a highly competitive market, we're doing fine. Eventually the market will restore and having good market share is always gonna be the better outcome.

Thanks, Balan Nair. Thanks, Chris Noyes.

Thanks.

Your next question comes from David Lopes with New Street Research. Your line is open.

Hi, and thanks for the opportunity and congrats on the results. I had a question on the cost structure. I was wondering if the rise in energy cost we are seeing currently has any impact on your cost structure, and if you can comment on that a bit, please. Thanks.

We are very focused on our costs. You can see, you know, we have actually a pretty healthy EBITDA margin in the business and more importantly, a very healthy operating free cash flow margin. We expect that there's still opportunity to increase both those metrics. Our business over the last 24 months have gone through a lot of cost reduction. It doesn't end. This year we also have some pretty good cost improvements. They'll continue to 27 and 28. By the way, we are really leaning in on AI. We expect a lot of further cost improvements in our business through our, you know, our complete embracement of AI technology.

Which already, by the way, on the front line, we've implemented it. In the back office, we are working to implement it. We've recently appointed an individual in our company to fully lead our AI transformation. We expect some pretty good returns.

I mean, I would add, you know, around the energy point, you know, we continue to focus on. It's only about roughly 2% of revenue, overall energy costs. A couple of things to take note. One is the network is fiber or HFC. It's not cable, it's not copper. That obviously uses a lot of energy. Over time, our move to improve the network topology has reduced energy costs. We'll continue to be quite agile to the extent energy increases in the region, particularly in the islands. We have a number of kind of mitigating strategies to reduce cost to the extent that energy moves up.

Thanks, Chris. I missed the energy, the number.

Very clear. Thank you.

That will conclude today's question and answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

Well, thank you, operator. Well, as you can please clearly see, we are excited about this morning's announcement. From what we announced, you can also draw the conclusion that we have significant confidence in our business and future free cash flow growth prospects. We are also very excited about John Malone's increased investment in LLA. Overall, the future is bright. Thank you for your support.

Ladies and gentlemen, this concludes Liberty Latin America's first quarter 2026 investor call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Latin America's website at www.lla.com. There, you can find a copy of today's presentation materials. Thank you for joining. You may now disconnect.

Good morning, ladies and gentlemen, and thank you for standing by. Today's call is being recorded. I'll now turn the call over to Zoe Lawrenson, Senior Director of Strategy and Corporate Development, Liberty Latin America.

Good morning, and welcome to Liberty Latin America's Full Year 2025 Investor Call. [Operator Instructions] Today's formal presentation materials can be found on the Investor Relations section of Liberty Latin America's website, www.lla.com. Following today's formal presentation, instruction will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical facts. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K, along with the associated press release. Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based. In addition, on this call, we may refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the Investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Thank you , Zoe, and welcome, everybody, to Liberty Latin America's Fourth Quarter and Full Year 2025 Results Presentation. I will be running through our group highlights and an overview of our operating results by Credit Silo before Chris Noyes, our CFO, reviews the company financial performance. We'll then get straight to your questions. As always, I'm joined by my executive team from across our operations, and I will invite them to contribute as needed during the Q&A following our prepared remarks. As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com. All right. Starting on Slide 4 and our highlights. Our business performed very well in 2025. We added over 225,000 mobile postpaid subscribers across the group, notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migrations. The postpaid adds this quarter included a positive net add contribution from Puerto Rico for the first time since the migration. We also recorded $1.7 billion of adjusted OIBDA in full year 2025, which represented 9% growth on a rebased basis. This performance was driven by good execution of cost initiatives as well as effective customer management and came despite headwinds in the fourth quarter from Hurricane Melissa. We worked hard to drive a steep recovery in profitability in Puerto Rico as well as double-digit adjusted OIBDA growth in Cable & Wireless Panama. B2B came in very strong in the fourth quarter, which is seasonally our best B2B quarter. LLA registered P&E additions for the group at 14% as a percentage of revenue for full year 2025, in line with previously communicated intentions and representing a 2 percentage point decline versus the prior year. With adjusted OIBDA expanding, the P&E additions falling, the adjusted OIBDA less P&E additions increased by 27% for the full year 2024. Our adjusted OIBDA after P&E additions margin came in at 24% for full year 2025. When comparing on a like-for-like basis, including adjusting for different lease accounting under the IFRS reporting, this compares very favorably to peers across the region and in the U.S., and there is still room to grow here. Finally, in Jamaica, I would like to thank all those involved in our recovery efforts following the effects of Hurricane Melissa. Against the backdrop of a Category 5 hurricane, our mobile network held up well, recovering service very quickly. While our fixed infrastructure was more impacted by the storm, we continue to reconnect homes and B2B customers. As we rebuild in fixed and continue our network transformation in mobile, we aim to invest in an innovative and returns-focused manner. I'll cover more on this later. Turning to Slide 6. I'll provide an update on Liberty Caribbean, which inevitably felt the impact of the hurricane in Jamaica in both Q4 and full year numbers. On the top left of the slide, we present our mobile KPIs. Postpaid mobile additions of 55,000 registered a strong cadence through 2025 and notably continued through Q4 despite the impact of hurricane. Momentum here continues to bring from rising FMC penetration and prepaid to postpaid migration, which are tailwinds we anticipate continuing over the coming periods. On the bottom left of the slide, we show our fixed KPIs. We have managed to keep the broadband base broadly steady throughout the first 9 months of the year, with Q4 largely reflecting the impact of lost customers in Jamaica. Elsewhere, we saw some modest pressure on volumes in Trinidad and Tobacco and the Bahamas. Moving to the center of the slide. Despite headwinds from Hurricane Melissa, we held Liberty Caribbean segment revenue flat in full year 2025 at $1.5 billion. Within this, we registered rebased residential mobile revenue growth of 4%, given structural support from postpaid additions as well as selective price increases on both prepaid and postpaid throughout the year. This offset pressures on the fixed residential business and on B2B, which mainly was due to the impact of the hurricane in the fourth quarter. Looking forward to 2026, we continue to be fully focused on rebuilding in Jamaica, which I will turn to in more detail on the next slide. In addition and looking region-wide, we aim to continue driving FMC where penetration is now within 40%, in the B2B segment, which reflects over 1/3 of segment revenue, we also see a significant opportunity to expand this revenue pool. Turning to Slide 7. I'll provide an update on Jamaica post Melissa and outline our investment focus for 2026, during which we will be deploying proceeds from the payout under our weather derivatives program, which totaled $81 million on a net basis. First, the mobile. Our mobile network recovered quickly. And through quarter end, we were running at a higher level of mobile subscribers and carrying more data traffic over the network than prior to the hurricane. As of the latest data available through early February, this trend has been continuing. Our mobile business in Jamaica is largely prepaid, and these improving KPIs translated into higher prepaid and higher overall residential mobile revenue in Q4. Our postpaid mobile business has also proven to be resilient. We feel good about the outlook for our mobile business in Jamaica, seeing not only the opportunity to maintain this recovery, but to further build upon it. We have been transforming our network over the course of 2025. And as a result, we have been recognized by Ookla as the fastest mobile network in the island for the second half of 2025. We will continue our transformation journey into 2026, leveraging an improved spectrum position and greater site density. With over 85% of our mobile customer base on the prepaid tariff, we see continued opportunities to migrate customers to postpaid, and we will continue to focus on attracting higher-value prepaid customers within this segment. On the fixed side, as we have mentioned, the fixed network was materially more damaged than our mobile network, impacting both our residential fixed customers and our B2B customers who weigh more towards fixed services. As a result, we have taken out 133,000 home passed from the count, where we don't foresee a restoring of fixed service in the near term. To provide more clarity on our outlook for the fixed network, it's instructive to break down the country into 3 geographic zones. Across the country, we have over 75% of our fixed broadband customers back online today, but see significant regional differences. The capital city, Kingston is in what we term as Zone 1, an area which represents the largest driver of GDP, over half of pre-Melissa homes passed and is where the bulk of our B2B customers are based. In Zone 1, economic activity and daily life is fully restored and the vast majority of homes are back online. In Zone 2, representing 30% of pre-Melissa homes is still recovering. Our plans are to rebuild in the Parish of St. James, where Jamaica's second city, Montego Bay is located. Once complete, this should move the needle in terms of further bringing customers back online. Meanwhile, in the West, Zone 3 felt the largest impact of the storm and just over 50% of broadband customers still remain offline. Our rebuild here is following and subject to the cadence of reconstruction of homes and businesses in the region. Through the course of the year, we will continue to restore homes and B2B customers with a focus on return on investment and innovation. We look forward to building back stronger in Jamaica and on a run rate basis, we target being back close to pre-hurricane levels of profitability by the end of 2026. Moving to Slide 8 and our C&W Panama segment. Starting on the top left of the slide. We delivered accelerating momentum in postpaid adds throughout 2025 as customers continue to migrate from prepaid, which creates more predictable revenues. We increased prices in postpaid and improved pricing plans in our prepaid business. On the bottom left of the slide, we show our fixed KPIs. We delivered another robust quarter of Internet subscriber adds, while competitive conditions caused some offset on price over the course of the year. Looking at revenue and as we show in the center of the slide, we registered rebased revenue growth of 3% for C&W Panama for full year 2025, which in turn was driven by rebased residential mobile revenue growth of 7% in 2025. Encouragingly, we also saw an improving performance in our B2B segment in 2025, with the contribution weighing more towards the end of the year. We have registered a number of new wins, including the Ministry of Education of Panama, MEDUCA, which signed a contract with us to provide high-speed Internet to all public schools nationwide. B2B rebased revenue growth for full year 2025 was 1%, mainly driven by the fourth quarter that registered 24% growth on a year-over-year basis. Looking to 2026, we aim to build on our success in B2B and B2G and continue to drive postpaid momentum in residential segment while staying vigilant on costs and disciplined on capital investments. Next to Slide 9 and our final segment within the C&W Credit Silo, Liberty Networks. On the left side of the slide, we present our full year 2025 revenue evolution. Wholesale revenue grew 6% on a rebased basis. Stripping out headwinds from noncash IRUs, underlying wholesale revenue growth would have been 12% year-over-year, mainly driven by revenue from a new key project win and new lease capacity sales. In December last year, we announced that we were chosen to design, construct, activate and operate El Salvador's first submarine cable. This is a 1,800-kilometer cable to connect the country to major international hubs, boosting high-speed Internet capacity and resiliency. This investment goes beyond building critical infrastructure. It lays the foundation for economic growth, innovation and opportunity for all Salvadorians. Enterprise revenue was a smaller part of the growth engine, but still showing momentum in IT-as-a-Service and connectivity solutions. These services are helping us bring a strong base of monthly recurring revenue, which supports long-term stability and positions us well for the future. As we look forward, we remain focused on continuing to deliver growth in underlying subsea capacity as well as executing on our El Salvador project and on MANTA as well, our 5,600-kilometer joint build with Sparkle and Gold Data. On track to be operational in late 2027 or early 2028, MANTA is expected to establish a solid foundation of monthly recurring revenue, enhancing long-term profitability and positioning Liberty Networks as the region's primary data hub. Given expenditure is front-end loaded for this project, we look forward to turning current FCF headwinds into future tailwinds. Turning to Slide 11 and Liberty Costa Rica. Starting on the top left of the slide. The postpaid business segment in Costa Rica continues to be the highlight for the LLA Group. In 2025, we added over 160,000 postpaid subscribers, representing a 16% expansion on the 2024 base. In particular, we have seen strong take-up in the lower-end postpaid segment, which is nevertheless accretive relative to our prepaid ARPU levels. Moving to the bottom left of the slide. On the fixed side, we continue to do a good job growing our subscriber base under competitive market conditions with an improved performance in the fourth quarter. Moving to the center of the slide, we show Costa Rica registering rebased revenue growth of 1% in 2025. The driver of this was our residential mobile business, which grew revenue by 6% on a rebased basis. Despite the growing broadband base, price competition led to fixed revenue declining by 4% on a rebased basis, while we also faced a tough comparison on B2B. Looking forward, we see no immediate reason for a slowdown in the drivers of our prepaid to postpaid mobile strategy. We expect 5G to become even more important, and Liberty was the first operator to launch 5G in Costa Rica in 2024, and we have over 300,000 customers today. Following the acquisition of 5G spectrum in 2025, we expect a continued lift as we deploy 5G stand-alone in partnership with Ericsson. Knowledging the tougher fixed market conditions, we will leverage our FMC advantage and stay innovative. In Q3 of last year, for example, we launched an offer for new and existing customers to have access to the most popular over-the-top platforms, including in their phone plan. A unique move in the Costa Rican market. Finally, and following Sutel's rejection of the proposed merger with Tigo in Costa Rica, we have now turned our attention to costs. We believe we have a strong track record on cost reduction across the LLA Group, and we are focused on delivering similar margin benefits in Costa Rica over time. Moving to Slide 13 and our third credit silo, Liberty Puerto Rico. Starting on the top left of the slide. In Q4, we registered the first quarter of positive postpaid mobile adds since the migration. This follows significant commercial efforts in the second half of the year, focused on the launch of Liberty Mix. This new multiline plan has captured customers' imagination, offering flexibility designing to mix and match plans within multi-bundle packages. It also has transparency with no hidden fees and value add through hotspots and roam like home, which are particularly important to our customer base. Additionally, in mobile, we are pleased to have completed the migration of our Boost MVNO customers onto our network. These are high ARPU prepaid customers and retaining these customers while removing wholesale costs is an important milestone for the business. Our postpaid base also saw a pickup in the quarter from a small number of migrators Boost customers who opted to switch into our Liberty postpaid offering. Moving to the bottom left of the slide. On the fixed side, we continue to see competitive pressures impacting our subscriber base, though we registered lower broadband losses in the fourth quarter. In part, this follows greater commercial efforts on the fixed side, including campaigns focusing on network quality and reliability. Moving to the center of the slide, we registered a 6% revenue decline for the year. This largely reflects a 6% decline in residential mobile revenue, in turn a function of the negative impact from the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers. B2B revenue declined by 16% year-over-year, in part due to similar migration factors. Residential fixed declined by 1% year-over-year with support coming from price increases early in 2025. Looking to 2026, Puerto Rico remains a competitive market, and we aim to keep laser focus on our commercial proposition. We have seen a nice lift in NPS to start the year on both fixed and postpaid side. We will continue to work hard to improve our customer propositions as we try to stabilize the fixed business and scale up in postpaid mobile. Finally, on Slide 14, we summarize our strategic vision for Liberty Latin America as we look to 2026. Firstly, on the commercial front. You have heard me mention FMC or fixed mobile convergence a number of times on the call. We have complementary high-speed fixed and mobile infrastructure across almost all of our entire footprint, and we aim to continue to leverage this in our commercial proposition. We sometimes talk a little less about B2B, though this represents almost 1/3 of group revenue. This contribution could be higher, and we are particularly excited about our recently announced partnership with AWS to bring AWS compute and AI models to our local markets for our customers. We have a number of innovative products to be launched that will reduce our video costs to bring more resilience to our Internet service to bring 100% coverage to our mobile service and to bring more AI agents to our Care service. Operationally, we remain focused on investing in our business in a returns-focused manner. Of key importance is our rebuild in Jamaica, both in terms of reconnecting homes, but also further transformation of our mobile network. We are excited to be pursuing 2 key projects within Liberty Networks, building connectivity on behalf of El Salvador and our ongoing MANTA project. We will be very focused on successful execution on Build through 2026, of 5G, which is now available in Puerto Rico, Panama, Costa Rica, the Cayman Islands and Barbados. This helps us maintain and enhance our commercial position in the mobile market as well as supporting FMC. We remain attuned to future opportunities to deploy 5G across our footprint. Finally, we are committed to rewarding our shareholders and have financial aspirations to deliver. I won't steal Chris' thunder, but suffice to say, cost efforts, capital investment discipline and a focus on free cash flow delivery lay at the heart of our outlook. And with that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions. Chris?

Thanks, Paul. Over the next slides, I will provide key highlights of our Q4 and full year results for 2025 with a focus on the fourth quarter. For Q4, we delivered revenue of $1.2 billion, reflecting 1% year-over-year rebased growth. This was fueled by double-digit top line growth at Liberty Networks and CWP, offset in large part by declines in LC, principally due to the hurricane and LPR as a result of the year-over-year decline in customers. On a full year basis, LLA revenue was slightly down on a rebased basis to $4.4 billion. Moving to the right. We reported adjusted OIBDA of $451 million in Q4, bringing our 2025 full year adjusted OIBDA to $1.7 billion. These results reflect year-over-year rebased growth of 8% for Q4 and 9% for 2025, with both periods adversely impacted by $27 million stemming from Hurricane Melissa. For LLA, our operating focus on cost control and efficiency contributed to our roughly 300 basis point improvement in adjusted OIBDA margins in 2025. We expect our 2025 actions will continue to benefit our 2026 results. Slide 17 recaps our Q4 results for the C&W credit silo. Starting on the left, in Q4, LC reported $356 million in revenue and $153 million in adjusted OIBDA. Both metrics declined year-over-year on a rebased basis, which was entirely due to Hurricane Melissa as the Jamaican business experienced declines of $20 million in revenue and $27 million in adjusted OIBDA in the last 2 months of Q4. Overall, it is important to not let the hurricane detract from what was a very strong year from the LC team, especially in light of their margin improvement and 7% adjusted OIBDA rebased growth for full year 2025. With that being said, we do expect that the next quarters will be financially challenging in Jamaica and obviously, the year-over-year comps will be difficult until we lap the hurricane in Q4. Next, moving to CWP. Aided by revenue from government-related projects. In Q4, CWP posted double-digit rebased year-over-year growth for both revenue and adjusted OIBDA, reporting $230 million of revenue and $94 million of adjusted OIBDA. CWP's focus on improved gross margin contribution and content activities was reflected in expanded adjusted OIBDA margins in Q4 and full year 2025. Turning to Liberty Networks. LN generated $129 million in revenue and $75 million in adjusted OIBDA, which accounts for year-over-year rebased increases of 14% and 21%, respectively. Results in Q4, as Balan highlighted, were fueled in part by the El Salvador build and continued ramping of its wholesale infrastructure business. Aggregating all 3 operating segments within the C&W credit silo. For Q4, we reported $693 million in revenue, reflecting a year-over-year rebased increase of 4% and $322 million in adjusted OIBDA, resulting in 5% year-over-year rebased growth. As noted earlier in LC, the results for the silo were hampered by the hurricane impact. Rounding out our other 2 credit silos, Liberty Costa Rica and Liberty Puerto Rico. On the left, we highlight LCR. We delivered Q4 revenue of $168 million and adjusted OIBDA of $66 million, representing rebased declines of 2% for revenue and 3% for adjusted OIBDA. Residential mobile continued to deliver year-over-year growth, but was not able to offset a particularly soft quarter in B2B. With respect to full year 2025, adjusted OIBDA of $236 million was flat on a rebased basis. Importantly, the operating team has launched a comprehensive effort to improve its cost structure during 2026 and would expect momentum to build throughout the year, like we have seen in other markets. Concluding with Puerto Rico on the right, LPR posted Q4 revenue of $301 million, a slight increase from Q3 levels and which reflects a 4% rebased year-over-year decline. The rebased decline over last year is primarily a result of the full year impact of customer losses experienced from the 2024 migration. Importantly, the business has shown stabilizing trends over the last few quarters. Turning to adjusted OIBDA. We reported $89 million in Q4, reflecting double-digit rebased growth year-over-year. LPR has significantly improved their cost structure during 2025 to align more with their current customer base and also returned to more normalized customer service levels, which have positively impacted their collection efforts and bad debt expense. These steps have been necessary to help compensate for the lower revenue base and the net impact is reflected in LPR's improving adjusted OIBDA margins. Turning to Slide 19. Two important metrics that we are focused upon at LLA as we think about driving long-term value, adjusted OIBDA less P&E additions and adjusted FCF before partner distributions. Starting on the left, we have already briefly discussed adjusted OIBDA, but the other key input to the calculation is P&E additions. Even in light of the various commitments we had and events that occurred during the year, including new project wins and hurricane impacts, we remain disciplined during 2025. In aggregate, we invested $640 million in 2025, including $220 million in Q4 as compared to $725 million in 2024, including $240 million in Q4 of 2023. LLA's P&E additions as a percentage of revenue were 14% in 2025 versus 16% in 2024, a measurable year-over-year reduction. Combined with our improved LLA adjusted OIBDA performance and margins, we delivered adjusted OIBDA less P&E additions of $1.1 billion in 2025, including $231 million in Q4, representing year-over-year growth for fiscal 2025 of 27% and for Q4 of 30%. Our 2025 result represents 24% of revenue, a significant improvement over 2024 levels and one we look forward to continuing to drive higher over time. Turning to adjusted free cash flow before partner distributions. We had a particularly robust Q4, delivering $278 million in the quarter, which brought our full year figure to $150 million, a 29% year-over-year increase. A key driver of this improvement was the significant expansion in adjusted OIBDA less P&E additions of $226 million over this period, which was offset somewhat by working capital and related movements. Additionally, in Q4, we collected $81 million in net proceeds from our Parametric program, which helps to mitigate to a large extent, the physical damage and business interruption from Hurricane Melissa. As discussed earlier, we suffered financial impact in Q4 from Melissa, but a substantial amount of the adverse impact, including a large portion of the recovery investment is expected to occur in 2026. Although it will continue to evolve throughout the year, we generally expect that the 2026 adjusted FCF impact from the storm will be in the neighborhood of $100 million. Our operating goal is to be run rating near pre-hurricane levels by year-end, which should set us up for a full recovery in 2027. Next is Slide 20 and a review of our capital structure. At the consolidated level, we have total debt of $8.4 billion and liquidity consisting of $800 million in cash and $900 million in availability under our credit lines. At year-end 2025, we had consolidated net leverage of 4.3x, an improvement from 2024 levels. If we exclude LPR leverage, which is undergoing a liability management exercise as previously discussed, LLA leverage would decline into the mid-3s. Turning to the middle of the slide, which summarizes our 2 credit silos of C&W and LCR. We have total debt at C&W of $4.9 billion and covenant leverage of 3.5x and total debt at LCR of $515 million and covenant leverage of 1.8x. As seen by the combined maturity schedule, approximately 75% of borrowings are due in 2031 and later. Moving to the right, Liberty Puerto Rico has $2.9 billion of total debt with reported borrowing group net leverage of nearly 8x, while covenant leverage of the restricted subsidiaries was 14x as of Q4 2025. As seen today, LPR performance has stabilized over the last few quarters, but has a long road back to gain market share and expand the top line. And LPR continues to look for ways to improve its leverage profile. Of note, LPR may also need to raise additional liquidity in the near future to cover ongoing operating costs, although no definitive decisions have yet been taken in this regard. As discussed in our Q2 2025 earnings, LPR embarked on a liability management exercise with its creditors in 2025. And as part of that, a transaction proposal was provided to the creditors' advisers in early November, and those advisers were provided with access to significant levels of information and diligence since that time. To date, while no response to such proposal has been received, the team hopes for engagement from the creditors in the near future. As previously highlighted, LPR has substantial flexibility in its credit documents that will enable the business to continue to utilize its assets to meet any near-term liquidity needs as they arise, as demonstrated by the $250 million secured financing raised through an unrestricted subsidiary of LPR that was announced in September 2025. Additionally, and consistent with our previously stated intention of separating LPR and LLA, we are actively working on this and we'll update when appropriate. Moving to Slide 21 and our closing remarks. As compared to 2024, we delivered robust financial performance in 2025 with nearly double-digit rebased adjusted OIBDA expansion, 27% adjusted OIBDA less P&E additions growth and adjusted FCF before partner distributions improvement of 29%. In Jamaica, we have generally recovered our mobile business and will be disciplined in our capital approach to reconnecting homes and businesses as conditions on the ground improve. No doubt the full recovery will take time and impact our reported results in the coming quarters, but we anticipate that we will be running at a much fuller tempo by 2027. Looking forward, Balan highlighted his 2026 strategic vision on his concluding slide covering commercial, operational and financial priorities. Without repeating, I believe they can be further summarized into our continued focus on driving organic growth within our operating businesses and cash flow improvement. We clearly have near-term headwinds, especially with the timing of the Jamaican recovery and given our planned cadence for 2026. We would expect our financial performance at LLA and across our markets to be heavily weighted to the second half of the year. Activities related to cost out, our investments in projects like MANTA and product innovation, including our new arrangement with AWS, all speak to setting the stage for future growth. Finally, for our equity investors, certainly, 2025 did have its share of ups and downs, but trending positively at the end of the year. Management remains committed to working to unlock value, including returning capital to shareholders and we will be focused on executing Balan's 2026 priorities, which we believe will be beneficial to value creation in 2026 and beyond. With that, operator, we will open it up for questions.

[Operator Instructions] Our first question today will be from the line of [ Matthew Harrigan ] with [ StoneX ].

I wonder if AI will ever enable the Q&A to not be conducted electronically. Actually, 2 questions. Firstly, you have some really abusive expectations on private equity infrastructure investment at one point. That didn't materialize, but certainly, the results are really inflecting upward. Even apart from MANTA and El Salvador, just by virtue of economic growth and increased volume even at lower per bit pricing. Do you think you've got a really nice tailwind just organically from economic activity? Or is it really just going to be largely a step function of MANTA and El Salvador and whatever other discrete projects materialize? And then I have a follow-up.

On the MANTA and El Salvador project, they're actually quite different projects. The MANTA project is both building more resiliency as well as adding a huge amount of capacity on routes we think are going to be highly profitable. So -- and it's being built right now, and we'll start selling into it very soon, starting later this year, early next year. And we've got quite a bit of interest in that. The El Salvador project on the flip side, it's really a build operate transfer kind of a model with the government of El Salvador. But it has some really good upsides for us as well, including the fact that we will be running, maintaining that network. And in the future, perhaps we could put a branching unit and add some capacity to some of the other drops. So both projects are hugely accretive and have very good margins on it. But they are very complex projects. Ray Collins, who leads our business unit there. He and his team have been really on top of it. The build and the engineering is ongoing right now. And we have a lot to deliver on here, but the team is really up for it.

And then as a follow-up, Mike Fries yesterday, this wasn't his expectation, but I think he said one of the hyperscaler executives said that it was possible that they could reduce Liberty Telecoms OpEx from $15 billion to $7 billion or $8 billion. Mike certainly didn't endorse that, but he implied that there was going to be a long run of AI and cost improvements given, obviously, telecom, you've got a lot of repetitive processes and big data lakes and network management, customer management. Do you think you're going to have that type of improvement? Obviously, not of that scale, but do you think we're going to be seeing very, very significant prolonged margin benefits? And then I was also curious, this month, you just the other day with AWS and then Liberty Global with Google and Gemini somewhat before that, both entered into relationships. And I'm curious how the expectations are vary between Google and Amazon. And was there any clear explanation as to why they went with Google and you went with AWS?

Sure. Let me answer your last question first, and I'll get back. I really can't comment on Liberty Global's decision with Google, like Google Cloud and the work the Google team is doing. It's extremely impressive. Chris, myself or a whole bunch of my executives visited with the Google Cloud folks just 2 weeks ago in California, 3 weeks now. Our relationship with AWS is slightly different, and it's really focused on our business. Most of our models and most of our services and compute and storage is done over AWS. Most of our customers prefer AWS. The relationship with AWS is strong for our internal usage. And certainly, it's a great product for us to partner with our customers. We have quite a number of customers today, cloud customers on our premises that are migrating, and we think the migration to AWS makes a lot of sense for them and for us. And the folks that AWS has been really great to work with as well in this partnership. So that's really kind of why we went down that path. We think it's great for ourselves internally, and it's great for our customers as well. In addition, by the way, AWS is making investments in our region with us building out what they call outposts and their wavelength product in our data centers in Panama, in Colombia. So this is not just a reseller agreement. This is a really deep partnership between us and them. To your second question -- or your first question on AI benefits, I think we are really in the first innings here on this. This requires -- the opportunity is large. Let's be clear. I don't want to put a number on this. But clearly, as you pointed out, we have a lot of repetitive processes in our company, and we have a lot of things that perhaps we're not really good at. And AI can actually make us a lot better. It will take cost out. It will help us be more productive. And in addition to that, it will have a better front end for us to our customers as well. And on all those fronts, we have either trials, we have implemented, we have launched, and we're just seeing the beginnings of it. I think the challenge in our company that we are challenging ourselves is how do we translate all of this into some real tangible free cash flow improvement. And that's really, as Chris pointed out, our primary goal. Everything that we work on here has to, at some point, translate to a free cash flow expansion. And we are working on it. I think if you ask the same question 2 quarters from now, I will probably have a slightly different answer with much more tangible initiatives that we are working on. I can tell you now, if you go to Costa Rica, you call our call centers right now, there's a high likelihood an AI agent will be answering the call.

The next question today will be from the line of Michael Rollins with Citi.

Curious if you could help us -- help all of us understand the fixed to mobile convergence opportunity. In your major markets or regions, can you frame what the current level of converged take rates are, where you see that potentially going on a volume basis? And to get there, do you have to do substantial discounting? Or can it be nearly as accretive as if you were getting these customers on the stand-alone services and just coincidentally package together?

The fixed mobile convergence have been a real benefit for us. Yes, there's a few ways to look at it. One, if you know, most of our markets, with the exception of Puerto Rico, it's primarily prepaid, primarily prepaid markets. So when you go to fixed mobile convergence, there's 2 things -- 2 steps here. One, you go from pre to post and then you link the post to our fixed product. And it's primarily postpaid mobile with our fixed broadband. That's really the golden product, the bullseye product we call. And this has worked quite well across our markets. And in Puerto Rico specifically, we've been looking at -- we have more than 50-some percent market share in our fixed broadband in Puerto Rico. And we have right about slightly under 20% in our mobile postpaid. And clearly, the opportunity to link both of them is pretty high. So for every fixed broadband customer that do not have our postpaid, it's really an opportunity for us. And for any of our postpaid customers that don't have fixed broadband, also an opportunity for us. And the trick is really our systems, and we've been going through, as you know, in Puerto Rico, quite a significant upgrade in our systems and stabilizing them. We are now at a point where we can start doing a lot of this postpaid and fixed mobile -- sorry, and fixed broadband convergence. And it's really kind of -- it provides 2 things. One, a higher ARPU in the home or that specific customer, so the customer ARPU goes up. And secondly, churn goes down. And these are proven facts across all telcos over many years. And I think we've been quite successful. We have quite a number of my general managers who are really steeped into this, focused on it, and this is really one of our growth opportunities in '26 and beyond.

Maybe just a follow-up on the revenue side. Can you give us an update when you take into account the -- what you just described in terms of the FMC opportunities, the opportunity to continue to grow in your markets, what's a fair range of annual rebased revenue growth that Liberty Latin America should operate within on a multiyear basis?

That's a great question. I've got to be careful I don't give guidance here. But here's how you look at it. Our mobile product is growing because as we move from pre to post, ARPU gets better, we attach it to our fixed and we start growing. So the mobile product, you'll see growth. It won't be in the double digits, but it will be very respectable single-digit growth annually. And that -- we have a long runway in that. On the fixed side, broadband continues to grow, however, offset by headwinds on video and voice. So as you look at the fixed product, you'll see flattish to slight growth, but it's mostly because we have some legacy products that you got to adjust for. Eventually, will wash out and we'll get to a steady cadence. B2B has good growth as well. And the B2B growth, we are really excited now getting into more and more cloud services that we're selling. We still continue to sell connectivity. But in addition to connectivity, we're selling a lot more cloud services. But even in B2B, there is a headwind. And the headwind is mostly a lot of customers are canceling their voice products. So there's voice services that will continue to decline a bit, but it's offset by these new cloud services. And the second thing that kind of offsets our revenue going forward is roaming. -- clearly, as people travel, this is a great market for us because a lot of the cruise ships, a lot of people roam. But clearly, with new technologies and most people getting on WiFi via WhatsApp, the roaming revenue is going to be continuously, it's going to slightly decline, and that kind of adds to a headwind to our product. So our product portfolio has a lot of really nice good products and a few headwinds that it's just the nature of where the technology is at. I think the way we look at it is we are going to invest further and deeper into all the products that are growing. And then we're just going to manage the rest of the products that we are challenged with, voice, video, roaming, those kinds of products, we're going to just try to manage that. And I think the team has done a pretty good job. You can see it in our numbers. And that's why you can see while revenue is kind of flattish at the top, there's a significant EBITDA expansion. The EBITDA expansion comes from cost cutting, this base management and really us moving to higher-margin products. So that's kind of one way to look at it.

[Operator Instructions] The next question today will be from the line of Chris Hoare with New Street Research.

I had a question on the top line trajectory in Puerto Rico. Obviously, great news on the inflection in postpaid net adds. I wonder if you can give sort of any color on the shape of how that sort of played out in the quarter. And obviously, what I'm trying to think of is what we should expect going forward, whether you'd expect to see further improvements in terms of postpaid net adds? And then also on the top line in Puerto Rico, obviously, that was sort of slightly offset by a bit of weakness on B2B. And I think you said that, that's a function of sort of hangover from the transition, but I'd just be interested in sort of if you can give any more color on what happened there as well and therefore, also trajectory on B2B revenues in Puerto Rico.

In '25, we had a whole bunch of headwinds there. We started the year with an outlook that's very, very different than what we ended the year with, meaning extremely positive in the way we ended the year compared to how we saw it at the beginning of the year because there were some headwinds and challenges that we did not anticipate as we came into 2025, the first quarter of '25. Here's a few things that can show the improvements. One, of course, you see financially, we're turning this business around. And -- but it's really based on a whole bunch of things that we fixed in the business, whether it's the leadership talent, whether it's the processes in it, the stabilization of the systems and really coming out with value propositions and products that make sense to our customers. There's a huge amount of improvements in business when somebody walks into our store today than they did last year. So a number of things that I think will give us some nice tailwind into '26. The net adds you saw in the fourth quarter of '25 were driven by all these improvements, including a real big turnaround in our NPS scores. And -- but it was also assisted by the fact that we were migrating a ton of these subscribers -- we bought from DISH. They were prepaid subscribers that came to us. But because of our really strong postpaid value proposition, a number of those prepaid subscribers actually ended up buying our postpaid product instead of moving as to prepaid. And so that drove as well some of the growth of net adds in fourth quarter '25. Now if I look into '26, January, we had a very good month in January. So without any of the Boost subscribers moving up to postpaid. So we continue to see the progress in that. But I think this is a journey that's going to take a lot more than 1 or 2 quarters. And my sense is by the end of '26, we'll be an even better state to set up for a really nice opening balance into 2027. And then back to the revenue miss, you correctly pointed out, B2B was a challenge for us in 2025. We opened the year with a very weak opening balance coming into 2025 and struggled throughout the year. We made a number of changes in the team in the B2B team. We brought in a new leader for the group. She is extremely focused. And if I look at my budget for 2026, has a very good and a very, I think, a budget that when we hit it, I think people are going to be quite happy. So the turnaround is happening, but we have to be patient. This is going to take many quarters.

Okay. And maybe one follow-up would just be on the slide on equity value unlock where you talk about shareholder returns focus. Is there any more color you can give there in terms of either what you're thinking of or timing around when anything might be announced there?

I think things are looking on the up and up here. We feel really confident about the business. We really feel really confident about the future. As Chris pointed out, the cash flow generation in the fourth quarter looks really good. And you can see that our intention, as Chris pointed out, is we're going to expand that into '26. Now as you know, most of our free cash flow comes in, in the second half of the year. So there's a number of things that we've been thinking about. I suspect that sometime during the course of this year, we are going to come out with something that together with our Board, make some decisions that I think will reward a lot of the shareholders that's been with this.

That will conclude today's question-and-answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

Well, firstly, I'd like to say thank you for everybody that's been patient with this. Certainly, the story has got lots of moving parts, and we've had a fair share of challenges. And some of it is self-inflicted, some of it, clearly, mother nature is -- we weren't expecting that hit in Jamaica and the hurricane. But we're going to power through all of it. And one thing that's really good about this team is it's we are quite resilient. And when we see things going off, we try to fix it and we do, I think, a pretty dang good job bringing things back to where it should be. And we'll do the same thing within Jamaica as well, as Chris pointed out, I think by the end of this year, you're going to see that Jamaica is back to where it should be, which sets us up for a great 2027 as well. But we've had our setbacks, and we say in our company, all these setbacks, great for a great comeback. And I think we are on our path to a great comeback. So thank you very much for all your support, and we look forward to talking to you again next quarter.

Ladies and gentlemen, this concludes Liberty Latin America's Full Year 2025 Investor Call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at www.lla.com. And you can also find a copy of today's presentation materials.